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TVS Motor to boost premium bike sales

TVS Motor Company. File   | Photo Credit: twitter.com / @tvsmotorcompany

TVS Motor Company Ltd. (TVSM), a leading two-and-three-wheeler maker, has a global vision to become a premium motorcycle company, said its CMD Venu Srinivasan.

“The world is changing technically and every vehicle is getting connected or moving towards electric,” he said. “With the acquisition of Norton (U.K.’s iconic sporting motorcycle brand), we have a global ambition to become a premium motorcycle company with 20% of our business coming from premium brands,” he told The Hindu.

“To achieve this, we want to enter developed markets such as North America and Europe. Most of our products, particularly scooters in a much large number will become electric or connected. But there is no set time frame for it to happen,” he added.

The company also plans to double its sales volume. Currently, TVSM is the third largest two-wheeler firm in India with a revenue of more than ₹18,217 crore. It’s premium product offerings include Norton, Apache, Ntorq (a bluetooth-connected scooter) and iQube (a smart electric scooter). As much as 33% of revenue comes from international operations and more than 10% from premium bikes.

“There is a world out there in terms of electric and connected vehicles, which are future ready and we need a leadership to take us forward.”

To achieve this goal, TVSM had appointed Ralf Speth, a global automotive industry veteran and JLR’s ex-CEO, as non-executive director. He would take over from Mr. Srinivasan in 2023.

“We have inducted Mr. Speth to keep the company future ready,” said Mr. Srinivasan.

“We need a person who can be the chief mentor of the company. He is one of the most respected leaders in the automotive industry globally. He understands quality, patent, design and technology. He has built a company from a small size to a global level,” Mr. Srinivasan added.

Asked if he was stepping aside as he was almost 70, Mr. Srinivasan said: “There is no such reason. I am not stepping aside. I will be there as chairman emeritus. There are nonagenarians in the company supporting us. The issue is to keep the company future ready. The present CEO K.N. Radhakrishnan and JMD Sudarshan Venu will continue in their roles. Here, we are talking only about the chairman.”

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Printable version | Apr 13, 2021 1:00:59 AM | https://www.thehindu.com/business/tvs-motor-to-boost-premium-bike-sales/article34163808.ece

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